As a seasoned crypto investor with a strong interest in Ethereum layer-2 solutions and token economics, I’m excited about HashKey Group’s announcement of the upcoming launch of HashKey Chain. Having closely followed the developments within the Hong Kong crypto exchange scene, I’ve grown fond of HashKey’s commitment to fostering a sustainable and contributor-driven ecosystem.
As a crypto market analyst based in Hong Kong, I’m excited to share that HashKey, a local exchange, has unveiled the anticipated timeline for the rollout of their Ethereum layer-2 solution named HashKey Chain.
HashKey Group, Hong Kong’s leading crypto exchange operator with a license, unveiled plans for the rollout of their Ethereum layer-2 solution named HashKey Chain. The project team, represented by an X account, shared on July 8 through an X post that the mainnet is slated to debut during Q4 this year, without disclosing an exact launch date.
Coming soon！
— HashKey Chain (@HashKeyChain) July 8, 2024
As a researcher studying the HashKey Chain network, I can share that this decentralized infrastructure forms the foundation for HashKey EcoPoints (HSK), an ERC-20 token created by HashKey Group. HSK is designed to reward ecosystem contributors by offering fee discounts and granting “specific rights” for asset issuance. Furthermore, holders of HSK may gain early access to future new token subscriptions.
According to a previous article on crypto.news, the whitepaper for HashKey (HSK) specifies a token supply of one billion units. Approximately 65% of this amount is designated for marketing and business development efforts, while 30% is earmarked for the HashKey team. Five percent is set aside as a reserve for safeguarding the ecosystem and protecting HSK holders from potential inflation due to rewards-based token issuances. Additionally, the exchange will utilize 20% of its net profits to buyback and burn HSK tokens, thereby shielding token holders from the effects of increased supply resulting from reward distributions.
In November 2023, HashKey announced plans for launching their own utility token. They revealed that the token’s economic structure would be aligned closely with the long-term benefits of the ecosystem’s participants.
Read More
- 15 Charged for converting Drug Cartels’ Cash into Cryptocurrency in U.S.
- XRP Price Eyes $2 Support Level Amidst Market Correction
- PYTH PREDICTION. PYTH cryptocurrency
- OREO Unveils Six New Products for 2025
- Google’s Willow Quantum Chip Sparks Bitcoin Security Debate
- ‘Fast and Furious’ Star Paul Walker Remembered 11 Years After His Death
- Apple Lands Anya Taylor-Joy Led Drama ‘Lucky,’ Based on Bestseller
- Russell T Davies Says He “Kind Of Hopes” The Streaming Bubble Will “Pop”
- ‘Brides’ Finds a Distributor in Neon for Latest New Vampire Horror Movie
- India signals no fixed timeline for crypto rules, calls for global alliance
2024-07-08 13:55